Trump says Stephen Moore has pulled out of the running for Fed contention

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Federal Reserve Board of Governors nominee Stephen Moore has pulled out of the process, according to President Donald Trump.

"Steve Moore, a great pro-growth economist and a truly fine person, has decided to withdraw from the Fed process," Trump tweeted on Thursday afternoon.

"Steve won the battle of ideas including Tax Cuts and deregulation which have produced non-inflationary prosperity for all Americans. I've asked Steve to work with me toward future economic growth in our Country."

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